Wenger watched on helplessly last weekend as his side were routed 8-2 at Manchester United. The Gunners are now 28/1 with bet365 to win the Premier League title.
Spaniard Arteta is excited about the prospect of playing Champions League football with the Gunners, who are 25/1 to be crowned champions of Europe for the first time.
Arteta said: “It is a big challenge, a different challenge, fresh for me and I want to see myself on the biggest stage, the Champions League.
“I am 29 years old, so I haven’t got much time left to take a chance like this one.”
Also arriving at the Emirates Stadium are Germany centre-back Per Mertesacker from Werder Bremen, Fenerbahce’s Brazilian left-back Andre Santos and Chelsea midfielder Yossi Benayoun, who has joined on a season-long loan.